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Narrowband IoT (NB-IoT) Chipset Market Poised to Reach USD 18.48 Billion by 2031 Driven by Surging Demand for IoT Connectivity

The Narrowband IoT (NB-IoT) Chipset Market is projected to reach a staggering USD 18.48 billion by 2031. This represents a remarkable compound annual growth rate (CAGR) of 39.9% from 2024-2031. The market was valued at USD 1259.25 million in 2023, According to a comprehensive report by SNS Insider.

The NB-IoT chipset market is fueled by the burgeoning demand for IoT devices across multiple industry verticals.

The integration of NB-IoT chipsets into a wide array of Internet of Things (IoT) devices is transforming industries worldwide.  Key benefits of NB-IoT create significant advantages in applications such as smart metering, asset tracking, and remote monitoring, leading to efficiency gains, cost savings, and improved decision-making.

Telecommunication companies are making substantial investments in NB-IoT network development, directly boosting chipset demand. Chipset manufacturers are responding with innovative, highly efficient products, further propelling market expansion. Rising internet penetration and the global trend towards smart city development offer additional growth opportunities.

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Top Companies Featured in Narrowband IoT (NB-IoT) Chipset Market Report:

  • Huawei
  • RDA
  • MediaTek
  • Cheerzing
  • Altair Semiconductor (Sony Group Company)
  • Intel
  • Telit Communications
  • Nordic Semiconductor
  • Sequans Communications
  • Qualcomm
  • ZTE
  • Sanechips
  • u-blox
  • Samsung
  • Sierra Wireless
  • Sercomm
  • Quectel

Market Analysis

While the rise of alternative low-power wide area (LPWA) technologies presents some competition, NB-IoT’s superior penetration across structures and improved data rates compared to unlicensed band standards position it for sustained growth.  Limitations for high-speed applications may create niche markets within the broader IoT landscape.

Recent Developments

  • June 2022: 1NCE significantly expanded its NB-IoT footprint into multiple countries, including the United States, solidifying its position as a technology leader.
  • April 2021: Murata Manufacturing Co., Ltd. partnered with key players Sony Semiconductor Israel, STMicroelectronics, and Truphone to accelerate NB-IoT adoption through the creation of highly integrated, low-power cellular IoT solutions.

Narrowband IoT (NB-IoT) Chipset Industry Segmentation as Follows:

By Deployment:

  • Stand-Alone
  • Guard Band
  • In-Band

The guard band segment dominates the market due to its efficient use of spectrum without impacting adjacent LTE carriers, offering cost and performance benefits. Guard bands are small, unused portions of the spectrum located at the edges of existing LTE carriers. NB-IoT can efficiently utilize these gaps without impacting the main LTE signal.

By Industry:

  • Healthcare
  • Infrastructure
  • Building Automation
  • Manufacturing
  • Safety and Security
  • Agriculture
  • Automotive and Transportation
  • Energy and Utilities
  • Consumer Electronics

The healthcare sector is a major growth area for NB-IoT chipset integration. The healthcare sector is rapidly embracing connected health solutions that leverage IoT and M2M (machine-to-machine) communication for Remote Patient Monitoring, Workflow Optimization, Medication Management, and Medical Asset Tracking. With its low power consumption, deep coverage, and scalability, NB-IoT is an excellent fit for healthcare applications. It supports a wide range of wearable devices, sensor networks, and asset-tracking solutions. The demand to improve patient care, increase efficiency, and reduce costs in healthcare is propelling the use of NB-IoT chipsets within the sector.

By Device:

  • Smart Streetlights
  • Smart Parking
  • Smart Meters
  • Smart Appliances
  • Trackers
  • Alarms and Detectors
  • Wearable Devices

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Impact of Global Events

Russia-Ukraine War: Supply chain disruptions and geopolitical uncertainty caused by the conflict may create short-term challenges for the NB-IoT chipset market including potential component shortages and price volatility.

Economic Slowdown: A potential global economic slowdown could temporarily impact the rate of adoption of NB-IoT solutions as businesses may conserve capital expenditures. However, the long-term demand trajectory remains highly positive.

Narrowband IoT (NB-IoT) Chipset Market
Narrowband IoT (NB-IoT) Chipset Market Size and Growth Report

North America is the current leader in Narrowband IoT (NB-IoT) Chipset Market share, driven by early adoption, robust IT infrastructure, and the availability of versatile dual-mode NB-IoT chipsets. Key players like Verizon, T-Mobile, AT&T, and Bell Canada are actively investing in and promoting NB-IoT services. Their commitment and resources act as powerful growth catalysts for the market. The availability of established LTE-M networks in North America complements the growth of NB-IoT. LTE-M offers slightly higher data speeds, and dual-mode NB-IoT chipsets (supporting CAT-M1, CAT-NB1, and CAT-NB2) provide flexibility to use either network depending on the application’s requirements.

Key Market Player

Huawei (China) holds a prominent position in the NB-IoT chipset market due to its comprehensive product offerings, robust R&D initiatives, and strategic partnerships.

Key Takeaways for the NB-IoT Chipset Market Study

  • The technology’s inherent advantages in power efficiency, deep coverage, and scalability make it a compelling solution for a vast range of IoT applications. This is driving substantial market growth and transforming various industries.
  • Key sectors like healthcare, utilities, logistics, and smart cities are increasingly adopting NB-IoT solutions. This adoption is leading to greater efficiency, improved service delivery, and the creation of new business models.
  • Continuous advancements in NB-IoT chipset design and network infrastructure are crucial for unlocking the full potential of the technology. Collaboration between chipset manufacturers, network providers, and end-users is key to this progress.
  • North America’s early adoption and established infrastructure position it as a market leader. However, other regions are rapidly catching up with focused investments in NB-IoT, making it a truly global market.

Major Key Points from Table of Content

1. Introduction
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Narrowband IoT (NB-IoT) Chipset Market Segmentation, By Deployment
9. Narrowband IoT (NB-IoT) Chipset Market Segmentation, By Industry
10. Narrowband IoT (NB-IoT) Chipset Market Segmentation, By Device
11. Regional Analysis
12. Company Profile
13. Competitive Landscape
14. USE Cases and Best Practices
15. Conclusion


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